The vegan chocolate market as of 2023, is US$1,233.9 million US$. The market is expected to develop at a compound annual growth rate (CAGR) of 11.9% between 2023 and 2033. By the end of 2033, the market is projected to reach US$ 3,814.2 million.
The growing vegan population is driving up the production of vegan chocolate. Vegan chocolate selection is comparable to that of regular chocolate selection. Customers may easily find vegan milk chocolate, dark chocolate, and confections flavored with nuts and vanilla. All of the common product varieties—such as powder, bars, and biscuits—are available in vegan chocolate. Increased product variety should result from technological advancements.
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Because vegan chocolates are ethically produced, their suppliers are attracting customers. Advertising promotions frequently highlight how the products are free of dairy and animals. In marketing initiatives, emphasis is placed on plant-based components. Additionally, manufacturers are creating eco-friendly goods with sustainable packaging by following the latest trends in sustainability. The industry is expanding due in part to the growing demand for vegan chocolates that are gluten- and sugar-free.
Key Takeaways from the Vegan Chocolate Market Report
- The vegan chocolate market valuation is US$ 1,233.9 million in 2023.
- Dark chocolate is winning over consumers. Dark chocolate holds an impressive 68.4% market share by product type.
- Bars are the most popular form of vegan chocolates. In 2023, bars hold 74.4% of the market share by form.
- The United States is a lucrative region for the vegan chocolate market. In 2023, the United States accounts for 31.5% of the market revenue.
- China contributes 13.6% to the market in 2023.
- Germany is another country where the vegan chocolate industry flourishes. The German market accounts for a share of 9.4% of the market.
“The intersection of vegans and the young crowd represents a significant customer base for the vegan market. The younger generation is willing to spend money on premium products. Brands in the market are packaging chocolates with toys and games to make them appealing to children. The popularity of artisanal and hand-made chocolates is also rising, driving the overall market growth,” remarks Nandini Roy Choudhury, Client Partner at Future Market Insights.
Competition Analysis of the Vegan Chocolate Market
Established players in the chocolate industry are trying to gain a stronghold in the market. However, the field remains open for small-scale vendors. Technology remains an area of concentration for the players in the market as it allows the introduction of new products. Some prominent companies in the market are Mondelez International, The Hershey Company, Schmilk Chocolate (Chocolate Hollow, LLC), Lindt & Sprüngli, Ritter Sport, Hu Chocolate, and Alter Eco.
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Vegan Chocolate Market Key Players
- Mondelez International
- The Hershey Company
- Schmilk Chocolate (Chocolate Hollow, LLC)
- Lindt & Sprüngli
- Ritter Sport
- Hu Chocolate
- Alter Eco
- TCHO
- Endorfin Foods
- Sjaak’s VGAN Chocolates
- Divine Treasures LLC
- Equal Exchange COOP
- No Whey Chocolate
- Others
Recent Developments in the Vegan Chocolate Market
- In October 2023, Smoothie King introduced smoothie bowls with vegan chocolate. Both Açai Cocoa Haze and Coco Pitaya-Yah smoothie bowls contain dairy-free vegan chocolate.
- In September 2023, Mummy Meegz innovated with the packaging of its oat milk and white chocolate product lines. In collaboration with Parkside, the packaging for the product lines was made sustainable.
- In January 2020, German brand Vego teamed with Frederick Export to make its products available in the United States.
Key Segments
By Product Type:
- Raw Chocolate
- White Chocolate
- Dark Chocolate
- Others
By Form:
- Blended
- Cookies
- Bars
- Granules
- Liquid
- Powder
- Whole
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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